Stanford University to Return Gifts from FTX
Stanford University has confirmed that it will return the gifts it received from FTX and its related entities. The university spokesperson stated that the funds, totaling around $5.5 million, were intended for academic research and were largely focused on pandemic-related prevention and research.
FTX Debtors Accuse Bankman-Fried’s Parents of Misusing Funds
Former FTX CEO Sam Bankman-Fried and his brother allegedly funneled $70 million into pandemic-prevention lobbying after the COVID-19 pandemic. This comes as FTX lawyers filed a lawsuit accusing Bankman-Fried’s parents of unlawfully profiting from FTX’s business. The suit claims that expensive gifts were lavished on friends and family, and money was used to support Democrats in violation of campaign finance laws.
FTX Asset Recovery Efforts
In an effort to recover customer funds, FTX is exploring various avenues. They have sought the return of $550,000 donated by Bankman-Fried to the New York Met Museum. Additionally, they hope to recoup assets from FTX’s brokerage account, which includes shares in various crypto funds such as Grayscale’s Bitcoin Trust and Ethereum Trust.
FTX debtors have enlisted Galaxy Digital to manage the sales of crypto assets held by FTX. These assets, including Bitcoin, Ethereum, and Solana, will be sold for a total of $3.4 billion.
Hot Take: FTX’s Troubles Continue with Stanford’s Gift Return
Stanford University’s decision to return gifts from FTX adds to the ongoing troubles facing the cryptocurrency exchange. The allegations against Sam Bankman-Fried’s parents further complicate matters. As FTX seeks to recover customer funds, its partnership with Galaxy Digital and the sale of crypto assets may provide some relief. However, the outcome of these efforts remains uncertain. FTX’s bankruptcy and legal challenges highlight the risks and complexities involved in the cryptocurrency industry.
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